Galaxy Digital to Offer Financial Services to Bitcoin Miners

Mike Novogratz’s Galaxy Digital has jumped into the cryptocurrency mining business with the launch of a new unit that will provide financial services and products to Bitcoin miners.

Dubbed Galaxy Digital Mining, the unit will be led by Fidelity's former director of mining, Amanda Fabiano. The firm described that it will offer services like trading and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, investing and lending and corporate advisory to Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term miners.

Additionally, the business wing will directly engage in Bitcoin mining as well. It set up its facility in a third-party datacenter in the United States.

“Bitcoin mining is the foundation of the Bitcoin network,” Fabiano said. “By mining ourselves, we are able to deeply understand and solve for the financial needs of miners, while also enhancing the strength of the industry and thus the strength of the Bitcoin network.”

Diversifying Crypto Businesses

Galaxy is a big name in the cryptocurrency industry, known for managing crypto investments. It aggressively grew its business over the years, and its publicly-listed shares on the Canadian exchange skyrocketed.

Galaxy’s trading business covers a basket of digital assets and runs an OTC sales desk to facilitate trades on behalf of institutional investors.

Last November, the company made two key acquisitions, one is crypto lender, DrawBridge and the other proprietary trading firm, Blue Fire Capital, to diversify its businesses.

It is diving into the crypto mining business when the industry commercialized heavily with the setting up of many major mining facilities. Additionally, the recent influx of miners in the United States and Canada positioned itself well to offer services to the industry.

“We see major opportunities in mining project financing, equipment financing, digital asset-backed financing, as well as working capital optimization and hedging solutions for mine operators and investors utilizing Galaxy Digital Trading's industry-leading capabilities,” Galaxy's Co-President, Chris Ferraro, said.